>> well, i think investors may have caught up to apple's stunning growth, but perhaps the law of large numbers, i think growth is getting increasingly harder to achieve. i think the easy growth has already happened in the iphone in developed markets like the u.s. the next wave of growth will come from emerging markets, from china and lower-priced phones. so apple may have a harder time getting that sort of growth. >> tom: i think 61% of its business last quarter was done internationally. showing how important the international shares are. what about comply constraints that apple may have experienced. there was lots of talk about that with the apple iphone 5. are those restraints continuing. >> it looks like it weighed on the december quarter, the iphone 4 and there was a lot of demand for the cheaper version. it seemed like on a lot of different levels, iphone wasn't able to execute. and that was surprising, given tim cook's strengths. that is not an area we think is weak. after steven job's paving. >> tom: and is that what we heard, the late forecast, being a little shy of what we exp